Is it time to raise taxes on .1% to avoid currency collapse and hyperinflation?

[James_Madison_Lives]

I know raising taxes is not popular here but we are talking about fiscal calamity if we just keep printing money.. Venezuela. Please make reasoned arguments using numbers for how this level of spending can be balanced out, sustained, or can be borne by this economy.

[kpitcher]

That would be clawing back some of the graft the lobbyists and crony capitalists have taken.

This would be the ideal time for Rand to get back to throwing the 70,000 page tax code in the wood chipper

[CaptainAmerica]

shut down bloated federal departments. completely. remove the federal income tax and introduce a 1 percent flat sales tax, abolish the income tax completely. this way all the welfare idiots will be paying a federal tax no matter what....thats 200 million dollars in taxes a day if people spend a 10 dollars a day .work around that model, and cut departments down. Federal income tax IS not "constitutional" first off but im being realistic about a solution until it can be weened off

[jkr]

well

that was the ORIGINAL INTENT...

[Anti Globalist]

shut down bloated federal departments. completely. remove the federal income tax and introduce a 1 percent flat sales tax, abolish the income tax completely. this way all the welfare idiots will be paying a federal tax no matter what....thats 200 million dollars in taxes a day if people spend a 10 dollars a day .work around that model, and cut departments down. Federal income tax IS not "constitutional" first off but im being realistic about a solution until it can be weened off
Sounds like a good idea to me.

[James_Madison_Lives]

How much would a one percent national sales tax raise? I've always been for a consumption tax rather than income taxes, to encourage saving, but I'm not sure 1% would cover a $5 trillion federal budget.

edit - believe it or not this would also be very environmental Less consumption, fewer plastic toys wind up in ocean garbage.

[trey4sports]

What on earth makes you think that diverting resources from the most productive among us only to divert to the least productive among us would be a good idea?

The income tax is highly progressive as it is and the wealthy pay a disproportionate amount of that.


In 2016, the bottom 50 percent of taxpayers (those with AGI below $40,078) earned 11.6 percent of total AGI. This group of taxpayers paid $43.9 billion in taxes, or roughly 3 percent of all income taxes in 2016.

In contrast, the top 1 percent of all taxpayers (taxpayers with AGI of $480,804 and above), earned 19.7 percent of all AGI in 2016, and paid 37.3 percent of all federal income taxes. https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/

[Pauls' Revere]

As for how they want to fund it...

http://www.ronpaulforums.com/showthread.php?545869-Proposed-ABC-Act-to-mint-Trillion-Dollar-Coins

[James_Madison_Lives]

What on earth makes you think that diverting resources from the most productive among us only to divert to the least productive among us would be a good idea?

The income tax is highly progressive as it is and the wealthy pay a disproportionate amount of that.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/

How is someone who sits on his ass all day collecting dividends from a Blu Chip portfolio productive? Someone who fixes a $20,000 car with his hands and gets it running another 10 years, instead of you having to buy another $20,000 car, is productive. Someone who creates Vegas-odds derivatives and then sucks the US treasury dry in bailout when they fail, is not productive.

[Gumba of Liberty]

What on earth makes you think that diverting resources from the most productive among us only to divert to the least productive among us would be a good idea?

The income tax is highly progressive as it is and the wealthy pay a disproportionate amount of that.

https://taxfoundation.org/summary-latest-federal-income-tax-data-2018-update/

“The most productive”

That’s rich lol

[trey4sports]

How is someone who sits on his ass all day collecting dividends from a Blu Chip portfolio productive? Someone who fixes a $20,000 car with his hands and gets it running another 10 years, instead of you having to buy another $20,000 car, is productive. Someone who creates Vegas-odds derivatives and then sucks the US treasury dry in bailout when they fail, is not productive.

Productivity is a function of capitol investment. The wealthy are just as entitled to their wealth as any other group.

[kpitcher]

Productivity is a function of capitol investment. The wealthy are just as entitled to their wealth as any other group.

In a free market I agree. Crony capitalism, no bid government contracts, handouts via connections to government, having the tax code changed specifically for your industry, private banking changing the entire US monetary system to benefit themselves, and on and on, all make it hard to function in an actual free market.

As this is an ongoing problem, stopgap solutions addressing the inequities while working towards actual free and fair markets is a valid consideration.

[Sammy]

I know raising taxes is not popular here but we are talking about fiscal calamity if we just keep printing money.. Venezuela. Please make reasoned arguments using numbers for how this level of spending can be balanced out, sustained, or can be borne by this economy.

Even if we raise Taxes, They won't cut spending. Reagan had to learn that.

[tod evans]

Is it time to raise taxes on .1% to avoid currency collapse and hyperinflation?

I know raising taxes is not popular here but we are talking about fiscal calamity if we just keep printing money.. Venezuela. Please make reasoned arguments using numbers for how this level of spending can be balanced out, sustained, or can be borne by this economy.

Why not just take all their money and property and give it to the poor? Be sure to only give to the non-white poor so as not to offend.

There are no arguments to be made that would justify the current levels of spending/ borrowing.

Firing the entire bureaucracy would go a long way toward mitigating the damage, stripping all government pensions and benefits would help too but even that doesn't justify borrowing to give money away...

Public beheadings of the entire congress might curtail future behavior but I doubt it.

[trey4sports]

In a free market I agree. Crony capitalism, no bid government contracts, handouts via connections to government, having the tax code changed specifically for your industry, private banking changing the entire US monetary system to benefit themselves, and on and on, all make it hard to function in an actual free market.

As this is an ongoing problem, stopgap solutions addressing the inequities while working towards actual free and fair markets is a valid consideration.


The underlying problem is the FED artificially driving up asset prices. The wealthy have more exposure to assets than do the middle class and poor. If you are attacking fiscal policy you are attacking the wrong problem. Attack the FED not Congress. As you can see in the image below the top 1% already pay a disproportionately high % of total income taxes.





https://files.taxfoundation.org/20181113154556/FF622_1.png

[oyarde]

I know raising taxes is not popular here but we are talking about fiscal calamity if we just keep printing money.. Venezuela. Please make reasoned arguments using numbers for how this level of spending can be balanced out, sustained, or can be borne by this economy.

Well , I wont be left holding any currency so I still oppose raising taxes .

[parocks]

Anarchy. Warlords. Kill the rich and take their money. Things like that. Those are not practical solutions, politicians are not going to propose those solutions. We are not going to get those solutions.

Here on RPF, our view is typically that there are too many laws, so one more law would just be one more law worse than before. Everything is rotten in the US, and typically, the law they remove is one of a handful of good ones and the new law they add will make things worse.

I don't know about a tax on the top .1%. I'll go with a massive tax on the top 0.0001%. Perhaps they could have a caveat there, that if they can prove that they got to be Billionaires without any bribery at all, they can be exempt from the tax.

Our solutions here on RPF are almost always something that have to do with the government, and are almost always something that are plausible.

The entire history of Libertarianism, let's say starting in the early 70s, but those numbers could be wrong, has been being against new laws, and losing that battle. And things have gotten much worse in the last 50 years. Some of us here, perhaps many, maybe even most, choose Libertarianism because there really aren't that many distinct ideologies to choose from, and Libertarianism is one of the ideologies that proposes a solution to the "everything sucks" problem. Ron back in 2007 spent a while identifying the problems - bad guys - in pretty much the same way that Trump did - bad guys. The solutions that Ron offered were different than Trumps solutions, Trump being more protectionist, but they're not all that far apart. Trump was largely Buchananite in his talking points. Now it doesn't appear that Trump is actually doing much of anything to get the bad guys, but, maybe, who knows? It's not like it's ever gotten better, only worse. The government isn't going to mail everyone a machete and then say "we're closing up, go get the bad guys."

The movie Idiocracy came out in 2006. Watch it now, and it seems like a pretty hopeful view of the future. The problems in the future weren't so bad that some average guy from the present couldn't solve them pretty easily. Compare Westworld, where all sides are awful. And there's 100 more movies in the last 10 years where spies, bureaucrats, high tech and the medical cabal are working together to bash on people and make their lives worse. Buildings falling over, porn star wrestler President Mountain Dew, go away, bateing, and spraying Brawndo on plants, that seems ok, Brawndo seems better than vaccines to me.

[Voluntarist]

Per registered decision (http://www.ronpaulforums.com/showthread.php?541228-Bryan-does-this-site-reject-traditional-morality-and-Christian-teachings&p=6888638&viewfull=1#post6888638), member has been banned for violating community standards as interpreted by TheTexan (http://www.ronpaulforums.com/member.php?33245-TheTexan) (respect his authoritah (https://youtu.be/PaKjRMMU9HI)) as authorized by Brian4Liberty Ruling (http://www.ronpaulforums.com/showthread.php?541228-Bryan-does-this-site-reject-traditional-morality-and-Christian-teachings&p=6888539&viewfull=1#post6888539)

May God have mercy on his atheist, police-hating, non-voting, anarchist soul.

[Slave Mentality]

Anarchy. Warlords. Kill the rich and take their money. Things like that. Those are not practical solutions, politicians are not going to propose those solutions. We are not going to get those solutions.

Here on RPF, our view is typically that there are too many laws, so one more law would just be one more law worse than before. Everything is rotten in the US, and typically, the law they remove is one of a handful of good ones and the new law they add will make things worse.

I don't know about a tax on the top .1%. I'll go with a massive tax on the top 0.0001%. Perhaps they could have a caveat there, that if they can prove that they got to be Billionaires without any bribery at all, they can be exempt from the tax.

Our solutions here on RPF are almost always something that have to do with the government, and are almost always something that are plausible.

The entire history of Libertarianism, let's say starting in the early 70s, but those numbers could be wrong, has been being against new laws, and losing that battle. And things have gotten much worse in the last 50 years. Some of us here, perhaps many, maybe even most, choose Libertarianism because there really aren't that many distinct ideologies to choose from, and Libertarianism is one of the ideologies that proposes a solution to the "everything sucks" problem. Ron back in 2007 spent a while identifying the problems - bad guys - in pretty much the same way that Trump did - bad guys. The solutions that Ron offered were different than Trumps solutions, Trump being more protectionist, but they're not all that far apart. Trump was largely Buchananite in his talking points. Now it doesn't appear that Trump is actually doing much of anything to get the bad guys, but, maybe, who knows? It's not like it's ever gotten better, only worse. The government isn't going to mail everyone a machete and then say "we're closing up, go get the bad guys."

The movie Idiocracy came out in 2006. Watch it now, and it seems like a pretty hopeful view of the future. The problems in the future weren't so bad that some average guy from the present couldn't solve them pretty easily. Compare Westworld, where all sides are awful. And there's 100 more movies in the last 10 years where spies, bureaucrats, high tech and the medical cabal are working together to bash on people and make their lives worse. Buildings falling over, porn star wrestler President Mountain Dew, go away, bateing, and spraying Brawndo on plants, that seems ok, Brawndo seems better than vaccines to me.

I am thinking a mix of 1990’s Mogadishu with The Hunger Games mixed in. Too much MIC for Idiocracy, but do appreciate your positive outlook.

+1 for bateing.

[Krugminator2]

How is someone who sits on his ass all day collecting dividends from a Blu Chip portfolio productive? Someone who fixes a $20,000 car with his hands and gets it running another 10 years, instead of you having to buy another $20,000 car, is productive. Someone who creates Vegas-odds derivatives and then sucks the US treasury dry in bailout when they fail, is not productive.


"What percentage of people in the top .1% of wage earners fit your description. I actually don't know of anyone but presumably someone like that exists.

[oyarde]

"What percentage of people in the top .1% of wage earners fit your description. I actually don't know of anyone but presumably someone like that exists.

I never meet 'em but there are a lot of slackers here so there could be one .